The London Metal Exchange goes on the Blockchain
Blockchain

The London Metal Exchange goes on the Blockchain

By Ilaria Stirpe - 27 Mar 2019

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According to a recent report by the Financial Times, the London Metal Exchange (LME) has decided to use the blockchain to track metals.

The LME appears to be working with Mercuria, a commodity trading company, to develop a blockchain-based system for monitoring trading of physical metals such as zinc, aluminium and the like.

The London Metal Exchange initiative is called Forcefield and would also be supported by banks such as Macquarie and ING.

Also on the Financial Times, Matt Chamberlain, CEO of LME, explained:

“[In a blockchain-based system] you know where your metal is, you have proof of your metal”.

Unfortunately, little is known about this initiative and, apart from the Financial Times, there has been no mention of it anywhere else and not even the members of the London Metal Exchange team wanted to comment on the news.

The LME is the world’s largest metal exchange and recently launched the LME Select to increase access to and sharing of the entire market database.

 

Ilaria Stirpe
Ilaria Stirpe

Graduated with honors from Università La Sapienza in Rome, she obtained her master's degree in Visual Merchandising, specializing in Marketing and communication strategies for social networks. She previously worked as a Web Writer, SEO Specialist and reporter for online regional newspapers.

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